Okay, okay! Maybe not the best news, but silver linings are surely everywhere since so many of us are hunting them down. Here’s one that may be common sense to many, but is often overlooked.
Current homeowners may be disappointed with declining home values in their areas, but they can take solace in the solid argument to county tax assessors that they should be paying LESS in taxes.
Here in California, Proposition 8 (passed in 1978) allows for a temporary reduction of the property’s taxable base year value due to declining values in the target property’s area.
Check with your local county assessor’s office for the proper procedure to request a reduction. There will be paperwork involved, but in some areas, the tax savings will be well worth it!
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